What is Surety?
The guarantee of the debts of one party by another. A surety is the organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor.
Types of Financial Assistance
Guaranty of surety bonds.
Direct issuance of surety bonds. Establishment of surety bonding lines.
Guaranty up to lesser of 90% or $2,250,000 of surety losses.
Direct bonds not more than $2,500,000 each.
Bid, payment & performance bonds related to contracts funded by government agencies, public utilities, or private entities.
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